3 Silver Miner Stocks to Buy as Prices Soar

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Silver prices have surged to decade-highs and have nearly doubled in the past five years. The bullish price action could continue due to structural supply deficits and booming demand from the industrial sector. The silver market is facing its fourth consecutive annual deficit since 2025. The projected annual shortfall of 3,339 tonnes is due to declining mining supply. There has also been hoarding of the precious metal from certain countries, with Russia purchasing $535 million in silver in Q4 2024.

Moreover, economic volatility could lead to more investment in silver. Historically, silver has served as a store of value during periods of currency devaluation — as is happening now with a weakened U.S. dollar — as well as during shifting economic cycles. Additionally, the current gold-to-silver ratio is over 93:1. This leaves a lot of room for silver to catch up, since the 100-year average has been at around 40:1. Silver’s use cases in solar, electronics and as an inflation hedge are just starting to gain mainstream appeal. And despite trailing gold’s gains so far in 2025, silver has outperformed the yellow metal over the past month after gaining 7.58% to gold’s loss of 0.72%.

For investors interested in the precious metal, 24/7 Wall St. has conducted analysis on three silver miner stocks to look into to benefit from that megatrend.

Key Points in This Article

• Year-to-date, gold has outperformed silver. But over the past month, silver has posted a nearly 8% gain while the price of gold has slid. 
• Stocks of silver mining companies offer investors indirect exposure to the industrial and safe-haven metal. 
• If you’re looking for a megatrend with massive potential, make sure to grab a complimentary copy of our “The Next NVIDIA” report. This report breaks down AI stocks with 10x potential and will give you a huge leg up on profiting from this massive sea change.

Pan American Silver (PAAS)

Pan American Silver (NYSE:PAAS) is a Canadian mining company that mines both silver and gold. It mined 21.1 million ounces of silver and 892,000 ounces of gold last year. This means gold constitutes a larger share financially. Pan American Silver derived 76.2% of its operating revenue from its Gold segment, whereas 23.8% of revenue came from silver.

Even then, the production volume makes it one of the largest silver mining companies. The name also gives investors the perception that this is a silver-heavy play, which helps when silver prices are bullish. PAAS stock has actually outperformed silver this year. Silver Futures increased 22.5% over the past year, compared to PAAS stock surging by 43.5%.

I like this stock because the underlying company has a great mixture of both precious metals. This 20/80 composition has allowed it to outperform greatly whenever there’s a boom in either asset.

You’d be wrong to think that you’ll be underweight on silver here, since the revenue composition is more flexible and can adjust as necessary. Pan American Silver has underutilized silver-specific infrastructure like La Colorada, along with another dormant mine in Guatemala. There are also ongoing expansion projects like Juanicipio. This silver mine is expected to have an AISC between $6 and $8 per ounce of silver. As a result, cash flow is expected to increase 23% from 2025 to 2027, from $198 million to $243 million.

The 1.41% forward dividend yield sweetens the deal.

Fresnillo Plc (FNLPF)

Speaking of Juanicipio, Fresnillo (OTCMKTS:FNLPF) actually owns the majority stake in the mine and has operational control here. Pan American Silver owns 44% through its Mag Silver acquisition. If you look up the lowest-cost, high-grade silver mines worldwide, you’re likely to find Juanicipio being mentioned at or near the top.

FNLPF stock has had an explosive rally, and it is up 172% in the past year. If silver prices keep rising, it could surge much higher, since 

Fresnillo is the world’s largest silver mining company by production. It produced 56.31 million ounces of silver last year. Silver prices were very similar back in 2012, and the stock is still down around 39% since then.

Juanicipio only brought in 17.9% of its total operating revenue last year, and silver as a whole is around 45% of its total revenue. The largest revenue-producing mine is the  Herradura gold mine, from which it derived 25.3% of its revenue last year. The Saucito mine (which contains silver, gold, lead, and zinc) totaled 21.9% of 2024 revenue. It is a very well-diversified business and has plenty of room to expand output as needed.

EBITDA more than doubled in 2024, so this company is well-positioned to capture tailwinds from rising silver prices.

FNLPF stock also comes with a 2.75% forward dividend yield.

Endeavour Silver (EXK)

Unlike the two other miners on this list, Endeavour Silver (NYSE:EXK) has been more “disappointing” due to the stock not delivering explosive gains over the past year. It is up 34.2% and has outperformed silver, but the current price is actually down by over 5% from July 2024 prices.

This is mainly due to production falling after last year’s trunnion failure at the Guanaceví mill, forcing the company to cut guidance and operate at half capacity for 15 weeks. Q1 production has also trended lower, with silver production dropping. However, it is nearing an inflection point, with many deferred projects starting in H2. Production should eventually recover and cause a recovery in its financials.

All eyes are on the Terronera mine now, expected to double production and halve its costs. The company’s CEO said in an interview that they are planning to announce commercial production around July.

If the mine comes online and starts producing silver and gold in line with expectations, the stock could soar. Analysts expect 4 million ounces of silver and 38,000 ounces of gold annually. This would essentially double Endeavour’s 2024 mining metrics of 4.47 million ounces of silver and 39,047 ounces of gold at around half the cost. According to a B. Riley research report from last year, we’re looking at $0.43 in EPS if silver is at $25 and gold at $2,000 per ounce. Currently, silver is at $35.7 per ounce, and gold is at $3,330 per ounce. But even if we take those estimates, the stock trades at less than 11 times forward 2026 earnings. Terronera is expected to lead to a surge in growth, and the earnings multiple leaves EXK significantly underpriced.

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